Political Quotes

“I thank Chairman Scott for yielding, and I thank him for his leadership on this and so many important issues in the Education and Labor Committee. I rise in strong support of the Securing a Strong Retirement Act of 2022 or SECURE 2.0, which makes important and bipartisan improvements that will improve enrollment in and access to retirement savings plans. As employers have shifted from pension plans to retirement plans such as 401(k)'s, workers have increasingly become responsible for tracking, managing, and consolidating their retirement accounts when they change jobs. There is no standard way for workers to consolidate their accounts, and many workers actually lose track of their hard-earned investments. According to a Government Accountability Office report, about 25 million people changed jobs between 2004 and 2014 and left one or more retirement accounts behind. This problem is only expected to grow as young workers transition between jobs at greater rates than previous generations. The SECURE Act 2.0 includes provisions from my Retirement Savings Lost and Found Act which will help address the challenge of tracking retirement savings. My bill creates a national lost-and-found registry for retirement accounts housed at the Department of Labor.…”